Transaction Analysis and Trial BalanceDaniel Kelly, an attorney, opened his law practice on October 1.Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance:1) Kelly started his law practice by contributing $19,500 cash to the business on October 1, receiving shares of common stock in the company.2) Purchased office equipment on account, $10,400.3) Paid office rent for October, $700.4) Paid $9,600 to access online legal database for two years.5) Billed clients for services rendered, $11,300.6) Made $6,000 payment on account for the equipment purchased on October 2.7) Paid legal assistant's salary. $2.800.8) Collected $9,400 from clients previously billed for services.9) Received invoice for October utilities, $180; it will be paid in November.10) The company paid stockholders $1,500 as a cash dividend.DebitCredit1) To record stockholder contribution21 To record office equipment purchased on account31 To record payment of rent expense4) To record prepayment for database service5) To record billing for legal services6) To record payment on equipment7) To record payment of salariesB) To record receipt of cash from customers91 To record utilties expense10) To record cash payment of dividendsFor T-accounts, enter your answers in the first available field under the appropriate debit or credit column. CashAccounts ReceivableLegal Database SubscriptionOffice EquipmentAccounts PayableCommon StockDividendsLegal Fees EarnedSalaries ExpenseBalanceBalanceBalanceBalanceBalanceDalanceBalanceBalanceBalanceRent ExpenseUtilities ExpenseBalanceBalanceDaniel Kelly, Attorney at LawTrial BalanceOctober 31DebitCreditCashAccounts receivableLegal database subscriptionOrfice equipmentAccounts payableCommon stockDividendsLegals fees earnedSalaries expenseRent expenseUtilities expenseTotals

Name: Transaction Analysis and Trial BalanceDaniel Kelly, an attorney, open
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Transaction Analysis and Trial BalanceDaniel Kelly, an attorney, opened his law practice on October 1.Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance:1) Kelly started hi

The journal entries are prepared to keep the record of day to day transactions of the business.

Business

Accounting

Transaction Analysis and Trial Balance Daniel Kelly, an attorney. opened his law practice on October 1. Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance: 1) Kelly started his law practice by contributing $19.500 cash to the business on October 1, receiving shares of common stock in the company. 2) Purchased office equipment on account $10,400. 3) Paid office rent for October, $700. 4) Paid $9,600 to access online legal database for two years. 5) Billed clients for services rendered, $11,300. 6) Made S6.000 payment on account for the equipment purchased on October 2. 7) Paid legal assistant's salary. $2.800. 8) Collected $9,400 from clients previously billed for services. 9) Received invoice for October utilities, $180; it will be paid in November. 10) The company paid stockholders $1,500 as a cash dividend.

Transaction Analysis and Trial Balance Daniel Kelly, an attorney. opened his law practice on October 1. Prepare journal entries for the following October transactions, post the entries to the T-accounts, and prepare a trial balance: 1) Kelly started his law practice by contributing $19.500 cash to the business on October 1, receiving shares of common stock in the company. 2) Purchased office equipment on account $10,400. 3) Paid office rent for October, $700. 4) Paid $9,600 to access online legal database for two years. 5) Billed clients for services rendered, $11,300. 6) Made S6.000 payment on account for the equipment purchased on October 2. 7) Paid legal assistant's salary. $2.800. 8) Collected $9,400 from clients previously billed for services. 9) Received invoice for October utilities, $180; it will be paid in November. 10) The company paid stockholders $1,500 as a cash dividend.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalize the following transactions for the month of July: July 1 K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company). 2 The business paid the monthly office rent, $500. 3 The business purchased office equipment on account, $1,500. 5 The business received consulting fees of, $750. 18 The business paid the monthly telephone bill, $75. 25 K. Elliot withdrew $200 for personal use. 30 The business purchased supplies for $1,000, paying $500 in cash and the rest on account. For a compound transaction, If an amount box does not require an entry, leave it blank.
Journal Entries and Trial Balance On June 1, 2016, Kim Wheeler established an interior decorating business, Intrex Designs. During the month, Kim completed the following transactions related to the business. June 1 Kim transferred cash from a personal bank account to an account to be used for the business, $21,700. 4 Paid rent for period of June 4 to end of month, $2,100. 6 Purchased a truck for $18,000, paying $2,000 cash and giving a note payable for the remainder. 8 Purchased equipment on account, $8,460. 10 Purchased supplies for cash, $1,450. 12 Paid annual premiums on property and casualty insurance, $3,260. 15 Received cash for job completed, $9,110. 23 Paid creditor a portion of the amount owed for equipment purchased on June 13, $3,020. 24 Recorded jobs completed on account and sent invoices to customers, $10,370. 25 Received an invoice for truck expenses, to be paid in July, $950. 26 Paid utilities expense, $1,090. 27 Paid…
General Ledger Accounts; Trial Balance Diane Bernick opened Bernick's Consulting. Transactions and related journal entries for the month of January are shown. Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $700. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $900. 8 Paid phone bill, $55. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $200. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $900. 25 Paid utilities bill, $80. 27 Bernick withdrew cash for personal use, $450. 29 Paid part-time employee, $600.
JOURNALIZING AND POSTING TRANSACTIONS Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows her account balances for the first two months of business. Refer image Taylor’s transactions for November are as follows:Nov. 1 Paid rent, $300.2 Purchased tailoring supplies on account, $150.3 Purchased a new button hole machine on account, $300.5 Earned first week’s revenue, $400: $100 in cash and $300 on account.8 Paid for newspaper advertising, $13.9 Paid phone bill, $28.10 Paid electric bill, $21.11 Received cash on account from customers, $200.12 Earned second week’s revenue, $450: $200 in cash and $250 on account.15 Paid assistant, $400.16 Made payment on account, $100.17 Paid for magazine subscription (miscellaneous expense), $12.19 Earned third week’s revenue, $450: $300 in cash, $150 on account.23 Received cash on account from customers,…
Calculator Print Item Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $39,700. Paid October rent for office and workroom, $4,000. Purchased used automobile for $26,000, paying $6,000 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $7,900. Paid cash for supplies, $1,910. Paid cash for annual insurance policies, $2,700. Received cash from client for plans delivered, $9,900. Paid cash for miscellaneous expenses, $1,080. Paid cash to creditors on account, $2,300. Paid $320 on note payable. Received invoice for blueprint service, due in November, $1,300. Recorded fees earned on plans delivered, payment to be received in November, $6,900. Paid salary of assistants, $2,100. Paid gas, oil, and…
Entries into T accounts and Trial Balance Marjorie Knaus, an architect, organized Knaus Architects on January 1, 20Y4. During the month, Knaus Architects completed the following transactions: Issued common stock to Marjorie Knaus in exchange for $30,000. Paid January rent for office and workroom, $2,500. Purchased used automobile for $28,500, paying $6,000 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $8,000. Paid cash for supplies, $2,100. Paid cash for annual insurance policies, $3,600. Received cash from client for plans delivered, $9,000. Paid cash for miscellaneous expenses, $2,600. Paid cash to creditors on account, $4,000. Paid installment due on note payable, $1,875. Received invoice for blueprint service, due in February, $5,500. Recorded fees earned on plans delivered, payment to be received in February, $31,400. Paid salary of assistants, $6,000. Paid gas, oil, and repairs on automobile for January, $1,300.
The first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in…
Preparation of journal entriesThe following information is provided for the first month of operations for Legal Services Inc.:A. The business was started by selling $100,000 worth of common stock.B. Six months’ rent was paid in advance, $4,500.C. Provided services in the amount of $1,000. The customer will pay at a later date.D. An office worker was hired. The worker will be paid $275 per week.E. Received $500 in payment from the customer in “C”.F. Purchased $250 worth of supplies on credit.G. Received the electricity bill. We will pay the $110 in thirty days.H. Paid the worker hired in “D” for one week’s work.I. Received $100 from a customer for services we will provide next week.J. Dividends in the amount of $1,500 were distributed.Prepare the necessary journal entries to record these transactions. If an entry is not required for anyof these transactions, state this and explain why
GENERAL JOURNAL ENTRIES Diane Bernick has opened Bernick'sConsulting. Journalize the following transactions that occurred duringJanuary of the current year. Use the following journal pages: January 1-10, page 1; and January 11-29, page 2. Use the following chart ofaccounts: (attached) Jan. 1 Bernick invested cash in the business, $12,000.2 Paid office rent, $750.3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950.8 Paid phone bill, $85.10 Paid for a magazine subscription (miscellaneous expense), $20.11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200.18 Paid part-time employee, $600.21 Received cash for services rendered, $800. 25 Paid utilities bill, $105.27 Bernick withdrew cash for personal use, $400.29 Paid part-time employee, $600.
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000. 1 Paid rent for period of November 1 to end of month, $4,000. 6 Purchased office equipment on account, $15,000. 8 Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,750. 12 Received cash for job completed, $11,500. 15 Paid annual premiums on property and casualty insurance, $2,400. 23 Recorded jobs completed on account and sent invoices to customers, $22,300. 24 Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500. 29…